It just comes down to asking yourself a few questions:
- Is the activity being taken for commercial purposes?
- Have you got a registered business name or ABN?
- Do you intend to make a profit?
- Is the idea being done regularly?
- Is the size of your undertaking similar to competitors?
- Is your activity planned, organised and carried out in a business-like manner?
“Sometimes a hobby may turn into a business and sometimes a business may turn into a hobby…”
If you’ve answered yes to two or more of these questions’ congratulations – you more than likely have a business.
The next step is to investigate what you need to do to declare your tax correctly.
The easiest way to do this is reach out to a tax service provider, who will help you get your books in order.
The ATO estimates that almost 90 per cent of small businesses use a third-party tax professional to help them declare correctly.
Jump off the hamster wheel and join our party of badass women taking control of their business and life!